We know anything with a suffix – realty, developers, real estate has been shunned over the past few weeks in the markets. But we have a deal for investors, or rather a game…Suppose you were asked to play a game which in which INR 5,000 is deposited into your account. If you win (of course after a length of time during play) you could win big time. You could get twice, thrice or even four/five times worth what you bid. Incase you lose, however, you will get the INR 5,000 deposited into your account and nothing else…

There will be NO catch in this game. No you would ask, who the hell will sponsor such a game. Well, for one, there are enough people willing to give away free money in the market. Especially the stock market. Anyways, lets get back to out game.

Is it possible to find such an investment in the market. I think we have found one. It’s name is Sasken CT (Realty) Ltd.Weird, isn’t it? What do you get when a cross a IT company with a real estate player. The idea would, according to market pundits, would be a disaster. We are no pundits. Coming back to Sasken CT Realty.

This company is a IT (rather a communication vertical player) company, which according to us is available for free in this market. Please explain, you would say.

We would like to discount this value by 10%. Even after this, we have INR 30 crores surplus.

So the deal is, forget IT man – lets buy it break it up and make cash instantly without having to worry about running and understanding the business, you see.

However, we believe that, Sasken with all the people who run it are more than capable to generate a long term sustainable multi million $ profit enterprise.

We believe that the street has gone overboard in taking a very pessimistic view (resulting from the US slowdown) on some valuable companies and here we would like to twist the term of Alan Greenspan. We call this kind of moments as – Rational Antipathy. Or simply put – Seeming display of rationality in hammering the good guys…

Financial analysts would go only by numbers, so let us throw them in as well – Sasken trades at1. 0.6 x PEG with a 7.5 x 1 yr forward Price / Earnings2. 0.5 x Price / Sales (or INR 130 sales per share)3. 4.5% Dividend Yield (We’ve now started of talking about dividend yield on IT companies…..When was the last time that happened)4. 0.6 x Price / book (or INR 140 BVPS, we really like this – our original premise of selling the land.. Wow)

To quote Warren Buffett, “We simply attempt to be fearful when others are greedyand to be greedy only when others are fearful.”

Are you ready to play this game, and yes we can rename this company to Sasken CT Realty Ltd. by appointing the best lawyers and consultants and paying them their worth.

Are you game???

P.S: If you are still digesting what it’s all about – BSE ticker 532663.